Energy Commercial Bank (ECB) yesterday launched its Initial Public Offer (IPO) at a short ceremony in Accra to raise GH¢340 million to shore up its minimum capital.
The floating of the 261 million ordinary shares to Ghanaian investors at GH¢1.30 per share is expected to last for 30 days.
This will pave the way for ECB to be listed on the Ghana Stock Exchange (GSE) where its shares will trade on the secondary market.
Also, the board of ECB is expected to be reconstituted after the IPO.
IC Securities, transaction adviser for the deal, is expected to market the shares to many investors in the country.
Christiana Ekaete Olaoye, MD/CEO of ECB, in an address, expressed appreciation to government and the people of Ghana for the cooperation the bank had enjoyed in the country.
Head of Issuers at the Securities & Exchange Commission (SEC), Jacob Aidoo, urged ECB to continue upholding good standards and governance practices to win new customers.
Elizabeth Mate-Korley, General Manager, Operations, GSE, in a remark, said investors were keen on seeing value for their investment, as well as price sensitive information to make informed choices.
She therefore called on ECB to readily make these available.
Elliot Amoako, Deputy Head of Banking Supervision at Bank of Ghana (BoG), called on other banks to list on the GSE.
He said ECB would become the 9th bank to list on the Accra Bourse after the IPO.
David Amoako, acting board chairman of ECB, said the bank was incorporated in 2009,
Energy Commercial Bank presently operates 12 branches in Ghana – three in Accra, five in Kumasi, and the rest in Tema, Takoradi and Tamale.
It is expected to expand vigorously once it completes its recapitalization.